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GCE Financial Accounting 1990 Question 38

Question 38

Final Accounts of a Sole Trader

Stock is ₦200 at start, and ₦320 at close. Purchases ₦2,055 and Sales ₦3,186. Find the cost of goods sold

  1. A.₦3,186
  2. B.₦2,866
  3. C.₦2,255
  4. D.₦2,175
  5. E.₦1,935.
Show the answer and explanation

Answer: E (₦1,935.)

Explanation

200 + 2,055 − 320 = ₦1,935.